Marine Biofuels – ResourceWise (Formerly Prima Markets) partners with ENGINE for Bio-Bunker Indexes, now available on Prima CarbonZero Platform.
In an inspiring stride towards greener marine operations, ResourceWise and ENGINE have announced a strategic partnership to accelerate the marine industry’s decarbonization efforts. With the launch of new bio-bunker benchmarks on the Prima CarbonZero platform, stakeholders in maritime operations now have access to vital data necessary for eco-conscious fuel procurement.??
Biofuels have risen to prominence in the bunkering market, a result of the shift towards sustainability in the past year. The need for reliable benchmarks has become critical as industry players begin aligning their operations with the changing dynamics of renewable fuels.
ResourceWise uses its expertise in biofuel benchmarks with ENGINE’s traditional bunker fuel data, creating indexes for Los Angeles, Singapore, and Rotterdam that represent industry yardsticks for B24 and B30 bends.?
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In the initial offering, market participants will gain insight from eight bio-bunker indexes, including:?
- B30 VLSFO Rotterdam HBE?
- B30 LSMGO Rotterdam HBE?
- B30 UCOME VLSFO ARA?
- B30 UCOME LSMGO ARA?
- B24 UCOME VLSFO Singapore?
- B24 UCOME LSMGO Singapore?
- B30 UCOME VLSFO Los Angeles?
- B30 UCOME LSMGO Los Angeles?
These benchmarks are based on meticulously researched pricing dynamics that are adapted for local biofuel markets, fossil fuel supply considerations, and regulatory requirements.
In Europe, the series indexes bio blends according to whether they are eligible for rebates under the Dutch HBE system. Specifically, bio blends composed of advanced bio-based feedstocks as per Annex IX Part A of the EU’s updated Renewable Energy Directive (RED II) include deductions according to ResourceWise’s daily assessment of HBE ticket prices.
The data series, which is delivered by ResourceWise and ENGINE, is now available on Prima CarbonZero. The low-carbon fuel and feedstocks platform combines pricing and analytics with insightful market commentary and industry deep dives. The platform further addresses the economics of future fuels for shipping, including e-methanol and ammonia.
This pivotal update aligns with a growing global focus on renewable energy sources, providing users with essential, timely, and accurate pricing information. As bio-bunkering continues to gain traction and adoption in the industry, additional benchmark prices and analyses will be released.?
Matthew Stone, Director of Prima Low-Carbon Fuels at ResourceWise, said about the partnership:
We are proud to work with ENGINE to extend its services to shipping firms, bunker blenders, and end users looking to reduce the emissions profile of their products as they cross the globe.
According to Stone, the move into marine fuels is a logical next step as the industry is prime to take advantage of the low-carbon transition: “The marine market is the latest entrant to the renewables space. We have a long history of helping firms across different verticals develop and execute their emissions reduction strategies. The company provides the data, information frameworks, and deep understanding of the market, from feedstocks to renewable fuels, that allow firms to execute successful strategies in renewables.”?
Erik Hoffmann, Managing Editor of ENGINE, reaffirmed this perspective, acknowledging the rapid advancement of renewables into the marine fuels market:
Biofuels are increasingly making their way into the bunker blending pool as regulations on ship emissions tighten and incentives to adopt more sustainable fuels grow.”
This groundbreaking partnership combines the depth of expertise of both companies, bolstering their capabilities to deliver accurate and timely bio-bunkering pricing data. As Hoffmann continued, “Partnering with ResourceWise on bio-bunker price benchmarks makes a lot of sense for ENGINE because the company is a trustworthy and rigorous price reporting agency that produces robust price assessments on bio feedstocks and finished biofuels.?
“In the marine space, ENGINE has developed the industry’s largest database of real bunker market transactions to bring transparency to this historically opaque market. Combining Prima’s biofuels expertise with ENGINE’s bunker market intelligence makes for a strong combination and we’re thrilled to be able to deliver these specialist benchmark prices.”??
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ResourceWise (Formerly Prima Markets) Partners with ENGINE for Bio-Bunker Indexes, Now Available on Prima CarbonZero Platform USA – English, CHARLOTTE, N.C., April 4, 2024